Disappointed in Fidelity 2% Cash Back credit card

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corn18
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by corn18 »

CFM300 wrote: Fri Jun 19, 2020 8:43 am
DaftInvestor wrote: Fri Jun 19, 2020 8:21 am Jumping to an assumption about ... greenbacks sent in the mail, checks sent, or Abigail showing up at your home with the money isn't Fidelity's fault.
No one made any of those assumptions. Why are you inventing things?
DaftInvestor wrote: Fri Jun 19, 2020 8:21 am just because one institution implements a program one way doesn't mean everyone else needs to follow suit.
One institution? I've had at least six different cash back cards, both personal and business, with four different companies. All allow cash back rewards to be applied directly to the card with no penalty. Fidelity could have made their unique terms clear somewhere in the two pages of detailed info, but instead chose to bury them in footnotes on a separate document.

But yeah, lessons learned. One of which being that Fidelity is not transparent in their promo offers.
I have had the 2% FIDO cash back card for years and never knew any of this. I'm with you OP, that would irritate me a bit if I were in your shoes.

But, I will say my FIDO CMA has been just dreamy. ATM fees refunded within 24 hours. Free checks. Free bill pay. Free wire transfers. Who knows what else. I never thought I would leave USAA having been with them for 30+ years, but I did. Now all my accounts (taxable, IRAs, savings, checking, CC) are all at FIDO. Come on over, the water is fine!
Don't do something, just stand there!
Ferdinand2014
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by Ferdinand2014 »

You have the choice to cancel the card or open Fidelity account.
“You only find out who is swimming naked when the tide goes out.“ — Warren Buffett
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midareff
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by midareff »

kelvan80 wrote: Wed Jun 17, 2020 9:27 pm Do either of you have a Roth IRA? We already had ours with Fidelity so it was a no brainer for me.
Exactly the same. Roth at Fido and the card is set to autopay to cash at Fidelity monthly. Click click and the money is at Ally Bank.
IowaFarmWife
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by IowaFarmWife »

snowman wrote: Fri Jun 19, 2020 10:31 am This thread has been entertaining, that's for sure. I already responded in Fidelity's defense, even though I don't own the card myself. It's pretty obvious what the deal is with cashback. However, I wanted to bring up another point, in OP's defense this time.

Being a financial junkie (who isn't on this site?), and constantly going for CC and bank bonuses (hey, it's free money, why not?), I always read the fine print. ALWAYS. It's the name of the game. You don't follow rules to a T, you loose. I hate to loose, so I read and re-read again to decide if I am going to play.

Now take my wife. Completely different perspective. If OP's wife who applied for the card is anything like my wife, there is no small print. Ever! If there has to be a small print on a piece of advertising, it's a scummy, evil bank because they feel the need to hide something. Everything has to be disclosed prominently, otherwise customer is being deceived and lied to. If I had my wife apply over the phone, I am 100% certain she would not ask any of these specific questions, like how to redeem the points, or is there any limit etc. Her mission would be to get off the phone as quickly as possible, instead of getting all of the small print explained. She would have been really pissed, just like OP's wife, if her ASSUMPTIONS turned out to be incorrect, and she would ask me to close the card and never do any business with that evil lying company again.

Hopefully, OP will be able to convince his wife that this CC is a good deal and worth keeping. And, hopefully, a lesson has been learned to ALWAYS read the fine print, and NEVER make any assumptions.
LOL, you sound like me and my husband, but in reverse!
“The quickest way to double your money is to fold it in half and put it in your back pocket.” —Will Rogers
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F150HD
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by F150HD »

midareff wrote: Sat Jun 20, 2020 8:41 am
kelvan80 wrote: Wed Jun 17, 2020 9:27 pm Do either of you have a Roth IRA? We already had ours with Fidelity so it was a no brainer for me.
Exactly the same. Roth at Fido and the card is set to autopay to cash at Fidelity monthly. Click click and the money is at Ally Bank.
sounds like you can set your 'core position' (as they call it) as a money market fund or the like and not a mutual fund (to avoid a taxable event when moving the cash elsewhere.)
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

corn18 wrote: Sat Jun 20, 2020 8:36 am I have had the 2% FIDO cash back card for years and never knew any of this. I'm with you OP, that would irritate me a bit if I were in your shoes.

But, I will say my FIDO CMA has been just dreamy. ATM fees refunded within 24 hours. Free checks. Free bill pay. Free wire transfers. Who knows what else. I never thought I would leave USAA having been with them for 30+ years, but I did. Now all my accounts (taxable, IRAs, savings, checking, CC) are all at FIDO. Come on over, the water is fine!
Thanks for your post, which summarizes my current feelings. I'm annoyed by what I feel was deceptive marketing, but I'm inclined to encourage my wife to keep the card and open a CMA because everyone raves about how well it functions once set up.
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CFM300
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by CFM300 »

Ferdinand2014 wrote: Sat Jun 20, 2020 8:40 am You have the choice to cancel the card or open Fidelity account.
Or she can keep the card, not open another Fidelity account, and still get cash back. It's just that it will then be a 1% cash back card, not 2%.
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F150HD
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by F150HD »

makes one wonder if the cash earned is taxable in some form if the amount is significant.

If one sets the cash to dump into a Fido brokerage account, does this show up on anyone's annual 1099 in a quirky way? there would have to be interest income to account for etc.
PatrickA5
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by PatrickA5 »

CFM300 wrote: Thu Jun 18, 2020 11:45 pm
SpaethCo wrote: Thu Jun 18, 2020 11:31 pm The CMA account, besides being free itself, also offers a free perpetual supply of checks, an ATM card with unlimited fee reimbursement worldwide, and access to use the account for totally free wire transfers. It's a ridiculously good deal...
Thanks for the info. It does sound like a good deal.

I feel like I'm slowly being sucked into the Fidelity cult. Two weeks from now, I'll be asking for advice about how to transfer all of our Vanguard funds and other bank accounts to Fido!
Go for it! I opened a CMA at Fidelity and transferred 4 IRA accounts from VG (In Kind) and the whole process was done in a week and all online. The few questions I had were either answered on the phone or through chat. I first visited a Fidelity office to see if my wife and I would like the ability to talk to a human at some point in the future. We were happy about that aspect too.
vshun
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by vshun »

Not sure the point of this card. Just get Citi double cash card for plain 2 percent reward on statement. Combine it with Discover and Freedom for category 5 percent spent.
If playing more serious AOR game, get Chase Ink Business Preferred, Bold or Southwest cards for sign in bonus.
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BrandonBogle
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by BrandonBogle »

F150HD wrote: Sat Jun 20, 2020 10:26 am makes one wonder if the cash earned is taxable in some form if the amount is significant.

If one sets the cash to dump into a Fido brokerage account, does this show up on anyone's annual 1099 in a quirky way? there would have to be interest income to account for etc.
Nope, not taxable. However, if directed at an IRA, it is considered a contribution to the IRA and thus, subject to the contribution limits. I’ve had thousands (in a single year) go to my Fidelity individual brokerage from this card (or potentially its prior Amex variant - I don’t recall when it changed over) without ever generating a 1099.
cherijoh
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by cherijoh »

F150HD wrote: Sat Jun 20, 2020 10:26 am makes one wonder if the cash earned is taxable in some form if the amount is significant.

If one sets the cash to dump into a Fido brokerage account, does this show up on anyone's annual 1099 in a quirky way? there would have to be interest income to account for etc.
I think credit card cash back (even bonus cash) is considered a "rebate" and therefore not taxable. Bonus cash for opening a checking or savings account is considered taxable.

I don't have the CC in question, but I do have my BofA cash back transferred to my BofA checking account. The amount is well over the $10 limit that would trigger a 1099-INT, but I haven'y gotten a 1099 from them in years.
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2pedals
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by 2pedals »

I don't share your reasons for disappointment and love the 2% cash back that is deposited automatically into my Fidelity account. It's a Fidelity card and clearly Fidelity makes the rules..... If you want something different find a different product that might suit you better.
RudyS
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by RudyS »

vshun wrote: Sat Jun 20, 2020 11:05 am Not sure the point of this card. Just get Citi double cash card for plain 2 percent reward on statement. Combine it with Discover and Freedom for category 5 percent spent.
If playing more serious AOR game, get Chase Ink Business Preferred, Bold or Southwest cards for sign in bonus.
The Citicard, which I have, gives 1% when you buy, and 1% when you make a payment. If you take your rebate as a statement credit, then you lose the 1% on the amount of the credit (cuz it's not a payment). So, ask for a direct deposit instead. So I've seen it described in forums.
vtMaps
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by vtMaps »

RudyS wrote: Sat Jun 20, 2020 11:41 am The Citicard, which I have, gives 1% when you buy, and 1% when you make a payment. If you take your rebate as a statement credit, then you lose the 1% on the amount of the credit (cuz it's not a payment). So, ask for a direct deposit instead. So I've seen it described in forums
Right. So if you take your cashback as a statement credit, the so-called 2% cashback is really only 1.99% cashback.

--vtMaps
Historical Fact: Justin Smith Morrill represented Vermont in congress, had a dog named 'Trump', and wrote legislation establishing the Land Grant Colleges.
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midareff
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by midareff »

F150HD wrote: Sat Jun 20, 2020 10:12 am
midareff wrote: Sat Jun 20, 2020 8:41 am
kelvan80 wrote: Wed Jun 17, 2020 9:27 pm Do either of you have a Roth IRA? We already had ours with Fidelity so it was a no brainer for me.
Exactly the same. Roth at Fido and the card is set to autopay to cash at Fidelity monthly. Click click and the money is at Ally Bank.
sounds like you can set your 'core position' (as they call it) as a money market fund or the like and not a mutual fund (to avoid a taxable event when moving the cash elsewhere.)
It autopays a Fidelity cash account automatically and monthly. Then it's click click and the money is at Ally.
the way
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by the way »

vtMaps wrote: Sat Jun 20, 2020 12:44 pm
RudyS wrote: Sat Jun 20, 2020 11:41 am The Citicard, which I have, gives 1% when you buy, and 1% when you make a payment. If you take your rebate as a statement credit, then you lose the 1% on the amount of the credit (cuz it's not a payment). So, ask for a direct deposit instead. So I've seen it described in forums
Right. So if you take your cashback as a statement credit, the so-called 2% cashback is really only 1.99% cashback.

--vtMaps
Sounds like people should stop advising OP to get this card. He likely would be unhappy at not getting the advertised 2% when doing statement credit and being forced to redeem to a linked bank account to get it.
student
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Re: Disappointed in Fidelity 2% Cash Back credit card

Post by student »

the way wrote: Sat Jun 20, 2020 1:31 pm
vtMaps wrote: Sat Jun 20, 2020 12:44 pm
RudyS wrote: Sat Jun 20, 2020 11:41 am The Citicard, which I have, gives 1% when you buy, and 1% when you make a payment. If you take your rebate as a statement credit, then you lose the 1% on the amount of the credit (cuz it's not a payment). So, ask for a direct deposit instead. So I've seen it described in forums
Right. So if you take your cashback as a statement credit, the so-called 2% cashback is really only 1.99% cashback.

--vtMaps
Sounds like people should stop advising OP to get this card. He likely would be unhappy at not getting the advertised 2% when doing statement credit and being forced to redeem to a linked bank account to get it.
One of OP's most recent comments "Thanks for your post, which summarizes my current feelings. I'm annoyed by what I feel was deceptive marketing, but I'm inclined to encourage my wife to keep the card and open a CMA because everyone raves about how well it functions once set up." So maybe he is having second thought about cancelling the card.
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